Online Gambling Firm Spreadex Fined ₤ 2m For Social Responsibility

Gambling firm Spreadex has been fined ₤ 2 million for money laundering and social obligation failings, the regulator stated.


The online company failed to bring out suitable checks on a customer who hit an everyday deposit limitation of ₤ 3,340 on 12 occasions over 14 days, the Gambling Commission stated.


Despite the high spending over a brief duration, Spreadex's social duty interactions included 4 pop-up messages without any human interaction.


Anti-money laundering failures included stopping working to ask for "source of funds" details from a client who deposited around ₤ 64,000 into business within a short period.


Operators ought to be in no doubt: duplicated regulatory failings will result in escalating enforcement action


John Pierce, Gambling Commission


The consumer went on to lose ₤ 50,000 within one month.


Spreadex Limited - which operates from Spreadex.com - will pay a ₤ 2,022,000 penalty for the failings, which took place between September 2022 and November 2023, and likewise need to go through a third-party audit.


Gambling Commission stated Spreadex stopped working to perform proper checks on high spenders (Alamy/PA)


It is the 2nd enforcement action versus Spreadex after it paid a ₤ 1.36 million regulative settlement in 2022, once again for social duty and anti-money laundering failures.


The Gambling Commission's head of enforcement John Pierce said: "The conclusion of this case marks the 2nd time Spreadex Limited has actually undergone enforcement action.


"Its failure to uphold anti-money laundering requirements, hold-ups in needed interventions, and weaknesses in social duty procedures were .


Spreadex Limited to pay ₤ 2 million for social responsibility and anti-money laundering failures.


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- Gambling Commission (@GamRegGB) May 15, 2025


"The operator positioned excessive reliance on client assurances about the source of funds, instead of obtaining proof from independent and proven sources, as we would anticipate. Operators should not just execute and keep robust anti-money laundering policies, procedures, and controls, however likewise act promptly in response to any indicators of suspicious activity.


"During the evaluation, it was found that a person client, revealing markers of harm, was using items throughout areas supervised by 2 different regulators. As the betting regulator, we stress the value of licensees comprehending and handling cross-channel use in their anti-money laundering and social duty policies."


He added: "Operators should be in no doubt: duplicated regulative failings will lead to escalating enforcement action."